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Greece Has Defaulted: Here Is Where We Stand
After reading this, everyone should have a fairly good grasp of what happened not only today, but ever since the great (and quite endless) European financial crisis took center stage, and what to look forward to next...
From Chindit13
In a nutshell---okay, a coconut shell---this seems to be where we are:
1) Greece was able to write off 100 billion euros worth of debt in exchange for a 130 billion rescue package of new debt, of which Greece itself will receive 19%, or about 25 billion, so that it can continue to operate as an ongoing concern. Somehow Greece is in a better position than before, with more debt and less sovereignty and still---by virtue of sharing a common currency---trying to compete toe-to-toe with the likes of Germany and the Netherlands, kind of like being the Yemeni National Basketball team in an Olympic bracket that includes the US, Spain and Germany. At least a "within the euro" default prevented bank runs in Portugal, Spain, Italy et al.
2) As a result of the bond haircuts, Greece has many pension plans that can no longer even pretend to be viable, at least according to the original contracted scheme, but pensionholders still working can take heart in the fact that their current wages will be cut, too.
3) CDS buyers will have to sweat bullets, jump through hoops, and be forced to endure every cliche known to man, but they might end up getting something for all their trouble, provided their counterparty is solvent and that counterparty itself is not heavily exposed to an insolvent party or a NTBTF institution, otherwise known as a Lehman Brothers. Expect the legal profession to be the prime beneficiary of this "event", as any new CDS contract will be at least a hundred pages of boilerplate longer in the future.
4) Good luck to any less than AAA rated sovereign who wants to issue debt from now on out. That contracts can now be unilaterally abrogated, as Greece' bonds were with the retro-CACs, bodes ill for attractive pricing from here on out. Peripherals in the EU will suffer most, as they face the added indignity of being subordinated to the ECB at any point the ECB chooses to exercise its divine right of seniority. The thing that used to be called the risk free rate no longer exists. Bill Sharpe take note.
5) One hundred billion euros worth of perceived wealth evaporated. That can not be a good thing for a Eurobanking system already capital short, as it raises leverage (quick back of the envelop calculation) by about 6% across the board. It also will not make the interbank market any more trusting, thus increasing the likelihood of perpetual LTRO. LTRO lll looks to arrive sooner than QE lll.
6) With the drawn-out Greek event and the LTRO, Europe might believe it has firewalled the system for at least three years and limited damage to Greece and Portugal (who will likely undergo a similar default by the 3rd quarter). LTRO-provided liquidity, it is hoped, will lower market rates enough in Spain and Italy so that those countries can meet sovereign bond obligations and both service existing debt and issue new debt. When the LTRO expires in 2015, "hopefully" something called organic growth will have taken over in countries imposing severe austerity measures on their public sectors, so that debt servicing becomes easier. Organic growth obviously is something that comes in a can, a can which has been kicked out to 2015.
7) As Europe now speaks increasingly of greater EU financial integration, Sarkozy's poll numbers will be the victim and a less EU friendly individual will likely win the upcoming election. Since France and Germany fortunately have a long and storied history of being the best of friends, and no one in either country would ever pander to nationalist sentiments, this shouldn't present a problem.
8) Given how much angst was caused by the drawn out Greek affair, the Spanish leader knows he has enormous leverage with EU leadership and he can continue to do what he has been doing with regard to ignoring the deficit targets demanded/suggested by the EU. The EU might well bark at him, but they cannot afford to bite at this time. Muchos gracias, Greece.
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when they bring maria cabruso carrero back from Greece to "Headquarters" we'll know shit is about to go down over there
Seems to me the most immediate problem for Pan-Eurocratic supremacy is the seventh point made in the post.
This whole Grecian nightmare will do nothing but light the fires of nationalism even brighter and hotter than they currently are, even in the most Pan-European nations - whatever those might be after all of this madness had played out.
If TPTB wanted to destroy the European Union and all of its trimmings, they couldn't have picked a better strategy for so doing.
Makes me wonder it that wasn't the whole purpose all along.
Oh, BTW - is this bullish for equities, or uber-bullish?
EU organic growth: green sprouts from warm wet steaming piles of debt.
Ouzo!
Who's owed?
CDS = Constipated Dogshit Smells...really bad and just as worthless.
Am I wrong for enjoying this? It's the first domino of many too.
Yeah, let's get this show on the road already.
The Shawshank Gambit: Get busy livin' or get busy dyin'.
Nice read Chindit13.
It's good to remember that the only nationalist sentiment that matters in Europe at present is Eurmany's.
I never heard anybody say they are kicking the can down the road again.
I guess they are driving a garbage truck. followed by Ben's Brinks truck.
After this, in Athens a woman who is uncomfortable watching you masturbate:
A. Probably needs a little more time before she can cope with that sort of intimacy.
B. Is uptight and a waste of time.
C. Shouldn't have sat next to you on the bus in the first place.
You're in rare form tonight, Knucks,
And cheers to you Mrs. Robinson...
If she's that uptight, she should have put her clothes back on and got off the bus!
Bahahahahaha.. cheers
Chindit, a treasure at the hedge.
OH so now we're good till 2015...yea whatever.
That's what I love about you. You're such an optimist. ;-)
My Athenian silver tetradrachmas, circa 500 BC, are still holding their value.
Default what you want, the old PMs and the new PMs are still rock solid. Might be time to buy more!
do it yesterday and thank yourself tomorrow.
I'm really not that into this Friday eve. How 'bout this instead:
http://www.youtube.com/watch?v=Ns9jGWiF8d0&feature=player_detailpage
oiling my H&K M770 tonight. Schmidt & Bender short dot on top....god germans make great shit
Hk Standard Issue for Mexican Marines.
Just a fact, not a swipe. Its the best
Got an HK93, best rifle I own.
The e100B was the roll risk. That's gone. Now Greece has a socialist model that has a burn rate of e25B per year.
What a joke. Without a growing, real economy, OR a huge govt. bond leveraged recap, the socialist european system is a complete fail.
"why can't we just be like Europe?", Bill Maher 2008. He is getting his wish.
http://www.commodityzen.com/awwyeahgreece.png
Maybe someone in Athens can help me. What currency are Greek hookers taking these days? Euros? Gold? Cans of spam? We need help with this really important stuff.
Astroglide. Everybody should stockpile that shit in preparation for what their Central Govt has in store...
They don't need astroglide in europ because the zionists haven't convinced the goyim there to chop off the working part of their dicks.
Yes I am bitter.
There are no hookers left in Greece. They followed the money offshore.
Is that why they call it a depression?
So now we get a repeat of all this again in two years. Then do we get the can kicked to 2016? After that it looks like the can can't get kicked any further. What happens in 2016? Another US presidential election, maybe the last one ever. Unless Barry the dictator decides to cancel it and declare himself emporer. I think he already has.
Anything to keep the ponzi going as long as possible. Looks like it has four years left. Better make good use of your last few years!
It seemed like a good idea at the time.
Goldman Secret Greece Loan Shows Two Sinners as Client Unravelshttp://www.bloomberg.com/news/2012-03-06/goldman-secret-greece-loan-show...
In related news:
Iceland wants the loonie, Canada is not saying nohttp://www2.macleans.ca/2012/03/02/iceland-wants-the-loonie-canada-is-no...
China to offer renminbi loans to BRICs nationshttp://www.reuters.com/article/2012/03/07/china-brics-loans-idUSL5E8E77I...
Read the Bloomberg article...and highly recommend it.
Seconded.
Institutionalized debt-slavery featuring the banksters as plantation owners, and the pols as slave catchers and auctioneers...
...wait, maybe that's backwards.
I sure am glad that can't happen in 'merika.
"Bloomberg News filed a lawsuit at the EU’s General Court seeking disclosure of European Central Bank documents on Greece’s use of derivatives to hide loans. Releasing such information could damage the commercial interests of the ECB’s counterparties, hurt banks and markets, and undermine the economic policy of Greece and the EU, the central bank said last May in a response to the suit."
that's why non disclosure has had such a healthy effect.
It illistrates very nicely how, as a perspective debtor, you should:
a) Pay attention when taking out loans.
b) Look at the maths behind charts.
c) Not borrow from GS.
Thanks!
Greece will be holding elections soon. What are the ipmlictions if anti-EU parties gain control of the gov't and decide to go along with "the program"?
About the same as trying to hold a referendum. All previous decisions will be declared null and void by the latest, greatest, banktator-in-chief (appointed).
seriously debating dumping a decent amount of fiat on on Ag this weekend. only thing is the USD might be artificially strong for a week or at least a couple days.
that or the metals go to the moon come sunday 3pm.
File under: "Late to the Party"
i've got plenty already -.-
srs question.
anyone forsee temporary dollar strength on these news?
"It's the tallest midget" -Kyle Bass
Lemme whip out my crystal ball: got it.
I doubt you have "plenty" if you had plenty you wouldn't be buying more, put 25/33/50% in this weekend and leave the remainder for the week and see how it plays out.
If the dollar tanks you at least bought below the ramp and can wait for the next dip, if the dollar gets a big unicorn boner then at least you didn't dump all your cash and you can cash in on that dip.
Buy the dips though man, buy those MF'n dips. Anything above $35 right now is.. iffy territory. I'm personally holding out for sub 30s to buy again, but, who knows I could be wrong.
But then again I have plenty too. I just wish mine didn't get lost in my last camping/boating trip. It's all gone now. I don't have any at all, anywhere.
Gawd I know... got home from a weekend in Vegas... all pms gone, vanished- theives didn't break anything or leave any fingerprints either. Very mysterious.
Do it in the middle of last week....or back when it was in the single digits like the rest of us did...
I read this on the other thread (three times) and thought it deserved to be published as it's own article in it's own right. My respect for Tyler just went up and it was pretty high anyway.
The 138th week is often the charm.
I've been in love for a while. Wouldn't want to sour it by being a creepy stalker type, and, you know, hanging around the blog too much or anything...
You're probably right. But since I went on the feeding tube things have gotten kind of dark for me. Sorry.
Least you won't choke on any bones
*SNORT*
The insolvent sovereigns support the insolvent banks, and the insolvent banks support the insolvent sovereigns. Robert Prince explained this some time ago. What could go wrong?
A total farce. Like the miltary folks and politicians in the "war room" scene at the end of the film Dr. Strangelove, our bankers and politicians are simply buying time to stock their bunkers - though I'm thinking the poiticians are too stupid to realize what is confronting them and how quickly it will be upon them.
Is it possible that ISDA saying there would not be a default resluted in a CDS sell off and the banks purchased the CDS's at fire sale and now declare a default since they own them?
Just a crazy thought
Ever sold off. The CDs buyers get it
At the end of the day, and this isn't it, the Greek people will (as my morning joke foretold) go Icelandic and reject austerity, reject debts they didn't create and cannot pay. If the Greek people revolt (they will), none of this "settlement" settles anything.
moody's just said greece defaulted so i get to say DEEP SHAH
& now you get to post pictures :-)
No, no pictures for me. I'm not a contributor, and undoubtedly I'd abuse the picture-posting privilege. Tyler merely clipped this comment from another article and posted it on its own. There are two reasons why I'm not a contributor. The first is that Tyler, in his infinite wisdom, saw fit never to ask. The second is I don't have enough to say, though that has never stopped me from posting comments. To a man with a keyboard, everything looks like a comment.
You are too modest by far - your one-liners alone are worth collecting...
"To a man with a keyboard, everything looks like a comment."
"...pensionholders still working can take heart in the fact that their current wages will be cut, too."
"Organic growth obviously is something that comes in a can, a can which has been kicked out to 2015."
And my spit up one:
"Since France and Germany fortunately have a long and storied history of being the best of friends, and no one in either country would ever pander to nationalist sentiments, this shouldn't present a problem."
Shee it Chindit - this stuff is pure gold, *especially* on Friday night.
Nobody,
Nice work mining the gold. I agree.
Imagine a world where you couldn't print money!!!!
Robert Pickel, ISDA CEO tells us to move along, folks... not much to see here... business as usual... etc...
http://video.cnbc.com/gallery/?video=3000077789
[first, you'll have to watch an ad, of course]
do we all get to write off 86% of our debt now? where do I go to get my debtors to sign up?
Yeah, sometimes I feel like a real sucker for paying all of mine off.
Bank of America site down tonight.
I'm not sure I can take all of this good news at once.
Haha, here's some more. I bought some silver today.
In science, if your model predicts the future, it is correct.
In finance, if your model predicts the future, an amorphous host of demons change margin percentages, rehypothecate, and vaporize until you look like you're wrong. And then they try to break your spirit using the diabolical "Fast Money" show to drive their point mercilessly home.
And BTW they're still wrong, and it will matter.
"In finance, if your model predicts the future, an amorphous host of demons change margin percentages, rehypothecate, and vaporize until you look like you're wrong."
Unless your model includes being a PD and getting free money to loan out for 4% or more. Then you are "winning". Especially after washing the QE buys for you-know-who.
Right, replace actual capital with fluff. 1's and. 0's. I've gone so far as to think that has been the long term plan. Why else is Soros convening a group of elites at Bretton Woods to find a replacement to capitalism? Step 1. Destroy all the capital. Step 2. No private property, at least that is worth anything. Step 3. Insert Marxist utopia and all are happy in a united world. No more inequality or wars and the oceans start falling. They are blind to several absolute truths in this process. It won't end well.
My eyes & ears have been glued to CNBC/Bloomberg all throughout this crisis.. Sorry Tyler, we never saw this coming. /winks/Sarc.
Many people still don’t understand.. [Alt 227] is going to rip new assholes far and wide. BTW, nice coverage today. Thank you.
Linkin Park - Wake
Bruce Springsteen's new album has several potential anthems for this summer's revolt
You mean this spring/summer's bullshit fest? The 'uprising' being planned by the 'progressives' against capitalism? That revolt? That is just a long planned obama campaign initiative.
You guys really aren't fooling many at this point.
No, I mean the real people who are out buying Ammo to defend their families from the FSA people. The elite in America have consistently underestimated the thought processes of the real "people" of America. We fought for Capitalism against Communism, only to get banker fascism
Sorry then, I've got a bit of a hair trigger.
I do too. I upped your comment, then had to up this apology.
Yes. Bruce has shrewdly laid the foundations of a populist revolt against er, um...the Democratic White House, for which him and the rest of the moronic douchebags in music and Hollywood proudly campaigned for in 2008? All from which of his mansions? The beach house in Jersey? The islands?
Please.
Let's not forget Michael Moore, Chris Hughes (Facebook co-founder and now owner of the New Republic), Matt Damon, George Clooney and most of all, the hopelessly indignant, straining to remain relevant despite her own million dollar circumstances, the re-education mistress of doom, frustrated in her search of any head but her own to cut off...
Mzzz Roseanne Barr ;-)
Are you talking about the revolution to overthrow both major parties by who for what again? The one that lacks a compelling leader, a visionary alternative to fascism, a winning strategy, a citizenry that cares or agrees enough to make the sacrifices required to salvage the solvency of their Republic and save themselves from debt slavery? Like the one they staged in Greece, for instance? That one?
How about a nice Ron Paul fundraiser?
Nevermind... strike that thought from the records... The seciond I see one of these celebrity a55hats stumping for Ron Paul, I'll begin to wonder if he went over to the dark side...
Maybe we could all swing by dairy queen grab a blizzard and talk tough, leer at the Mom's..
Fat Finger
It's been one year as of today. That alone is worth another shot.
by chindit13
on Tue, 02/16/2010 - 19:49
#233288
While violence may not be the answer, the only other seeming alternative is quiet acceptance. That acceptance comes in the form of blogging and commenting and voting, which in the end are merely a form of catharsis.
I enjoy this site for its intellectual stimulation and I am continually impressed with the energy and passion Tyler et al bring to it. What they are doing is astonishing, but in the end I cannot help but think it is the equivalent of a grad student working feverishly on his or her doctoral thesis.
Two years into this financial debacle and the only thing that has changed is that the ones most responsible and closest to the problem have benefitted the most; in fact many have done far better than they would have had we not had this crisis. Bankers have been well paid for messing up, and have been allowed to keep everything they "earned" that actually turned out to have been false profits.
Punished have been the savers and the debt free, or at least the financially responsible. Rewarded have been the spendthrifts, the heavily indebted, the incompetent, the corrupt, and those who threw gas on the fire.
How many arrests have we seen? Is there not a single act that should at least merit a real investigation, save for some Russian immigrant's purloining of source code that "has the potential to manipulate markets in an unfair way", but which is supposedly the legal property of a firm We the People are required to save at any and all cost?
New regulation was gutted and emasculated, all at the behest of lobbyists. Accounting rules have been altered so as to make accounting meaningless other than to be used as a means to hide, rather than reveal truths. Senior government officials have blocked the release of pertinent shareholder information and have altered the pecking order in the bankruptcy laws that used to be at the heart of the capitalist system. An accountable-to-no-one Central Bank has taken on untold burdens for the US Taxpayer that not even this supposed democracy's elected officials are privy to know, much less the citizens. Efforts to uncover what we will be taxed to pay for---directly or via orchestrated inflation---are forever held up in the courts. Records relating to the most significant taxpayer bill to date have been marked "Secret for Reasons of National Security" and locked away until 2018.
Democracy is the answer? As in 99% of the American people being against TARP? There is far more chance of real democracy on American Idol.
Have any rules been changed in a way to obviate the possibility of a similar debacle recurring in the future? Is "the System" safer or less safe than it was in 2006? The fact is that anything that might have immunized the system in any way from the disease that afflicted it has been carefully and painstakingly removed, so that in all future instances---WHEN they occur---the burden will again fall on the innocent. We have almost constitutionalized Too Big to Fail and Moral Hazard. We have certainly funded it.
We have come as close to Taxation without Representation as we were in 1775, yet we are told to work within a system that has most assuredly failed us and is far too broken to offer a real solution.
So we write. We blog. We call attention to a sleeping SEC and FINRA and Justice Department. We call and write our Congresspeople, just as some of us did BEFORE the collapse. We are ignored now as we were ignored then. I'll make a bet and say we will be ignored tomorrow, too, no matter how many great articles we write, no matter how loud a second rate cable TV station allows us to scream, no matter how often we protest, and no matter whom we choose to vote for.
We live in a system fine tuned to ignore us, but which allows us an outlet or two from which we can let off steam. We are patronized by those who have the audacity to say they are doing things we could not possibly understand but which are for our own good, because the system---whose system?---was just so close to collapse.
We are treated as children and fools. And we are fools if we think that anything we do can make this system change. Our vote is a drug that is useless, because the cancer has metasticized beyond the point of cure.
Like many here I will not go quietly into the night. I will not go down without a battle. I will vote for anyone who has not been a part of this charade, and demand to know the leanings of anyone seeking office who wants my vote. I will (have) pull my wealth away from those who abused the trust of the people and who used my money only to enrich themselves. I will not suffer the fools who have bought the party line and are naive enough to believe our elected officials are working in the interests of the majority.
In the end, though, I hold out little hope. If there is a real solution, other than passion and energy, I have not found it.
Today in Athens maybe someone thought they found another solution. Probably there are people within the US who will try the same solution. I do not condone it, but I understand the frustration. I feel it myself from time to time. I fear that whatever self restraint I may possess---and I do not know how deep it goes---may not be possessed by all of my fellow citizens.
There is a breaking point, and we may well be there. Those who caused the problem and those who have benefitted from the inequitable solution are just as blind and deaf and self-serving as they were in 2002-2007, yet I fear they may have remained so a day too long.
Those who have control and authority have very little time left to act. They have very little time left to show contrition, to share the burden, to make the system more fair, to make the system more transparent and accountable, and to make the system less vulnerable to a repeat. Or they can continue to obstruct, to hide, to transfer wealth from the innocent to the guilty and/or powerful, and loot all they want believing they can get away a day ahead of the coming maelstrom. Maybe this small and violent act today is a clarion call. Maybe it is a harbinger of things to come.
Whatever it is, it is ignored at EVERYONE's peril.
@ thesettler
And your point is?
although I enjoy the re-post
Forgive me (sincerely) for paraphrasing...
We have a Corrupt leadership, and all that that entails.
Wow, such passion in that (younger) man!
Let me offer a (self) critique, even though this passage has been posted before:
Tomorrow, tomorrow, and tomorrow
Creeps in this petty pace from day to day,
To the last syllable of recorded time,
And all our yesterdays have lighted fools
The way to dusty death. Out, out, brief candle!
Life's but a walking shadow, a poor player
That struts and frets his hour upon the stage
And then is heard no more. It is a tale
Told by an idiot, full of sound and fury,
Signifying nothing.
"may not be the answer" ???
"And all our yesterdays have lighted fools
The way to dusty death"
In the surrender scene of Kingdom of Heaven, Bailan of Ibelin asks el Saladin, "What is Jersusalem worth?" Saladin, who was walking away, turns around and non-chanlantly answers, "Nothing."
A few moments later he turns around again and emphatically answers, "Everything!"
No worries, in 1,000 years, all of this will matter not. Cheer up everyone!
Pearl Jam at their best
http://www.youtube.com/watch?v=2LBnBxfS0DY
Don't you think you oughtta rest?
Don't you think you oughtta lay you head down?
Don't you think you want to sleep?
Don't you think you oughtta lay your head down tonight?
Don't you think you've done enough?
Oh, don't you think you've got enough, well maybe..
You don't think there's time to stop
There's time enough for you to lay your head down, tonight, tonight
Let it wash away
All those yesterdays
What are you running from?
Taking pills to get along
Creating walls to call your own
So no one catches you? drifting off and
Doing all the things that we all do
Let them wash away
All those yesterdays
All those yesterdays
All those paper plates
You've got time, you've got time to escape
There's still time, it's no crime to escape
It's no crime to escape, it's no crime to escape
There's still time, so escape
It's no crime, crime..
loved this read .
Tyler, fund rasing idea; sell backup thumb drives of the site.
I want to make sure we never loose what the ZH community has created. it will be the historical text of the future.
Historians will lok back on this period and wonder at the lack of honesty out there. We dill document the destruction and we wil create the "Book" from 1984.
Tyler has earned all of our support,
It' friday night at 7:12 pm pst and cbc is still saying greece did not default yet.
Too fucking funny
Now thats a fast news team.....
Good show cbc.....
CBC or cnbc?
It's 4:04am Sunday morning and I still haven't heard any Canadian news source state that Greece has defaulted. Maybe I watch too much hockey.
Where's that "boring world we live in" persona? I was just watching cnbc and Titsface McGoober Magee was saying the world would end if this was not a credit event. Problem is, it kind of made sense. But if, or rather, since, Greece defaulted, it must be a lose /lose situation, because when is a default a good thing? Shit, now my head hurts.
All I know is that my silver coin collection is still safe under my desk, and my good friends have the rest of my PMs where I plan on staying once the SHTF....what was that? Oh that's right they are at the bottom of a lake somewhere. Anyway, in the meantime, I'll keep stacking and thank the heavens I know the true definition of value.
Cheers friends; couldn't have made it this far without you.
LookingWithAmazement was last seen spinning at relativistic speeds.
Excellent summary of Euro-events as it were. However I did read it twice, if only to fully grasp the chain of events over the last several months. The way I see it, the central bank oligarch douches were literally changing the goalposts during the game as it occured---they literally changed the rules in a massivem, ruinous and criminal shell game.
This is true. And, what about debt investors? What about those who buy these bonds? One of the (many) Greek tragedies in this is that the essence of contract law was not only torn to shreds, but used to wipe ass and lit on fire. All while the the central banksters manipulated the system to keep themselves comfortable and save some face. This is not a 'market'--hasn't been for a while and probably wont be again for a long time.
This is criminal, a large-scale theft of enormous proportions. Where's the outrage??
If you have a 401k, a pension, a social security account, or a savings account full of FRN fiat with a TBTF, aren't you a debt investor? Did I miss anyone? Other than the few ZH'ers whose PMs aren't at the bottom of a particularly beautiful body of water?
More Chindit, please.
Amen. Cheers Chindit and, Congrats! Well done.
My own summary:
Papandreou(ex Elected PM) is rich now and Papademos(unelected PM) completed his mission
5) One hundred billion euros worth of perceived wealth evaporated.
yup. m2m. more losses, worse ratios. so we heard
done deal
TheEnd
Slewie,
Are you suggesting we 'move along' to Japan?
Of course, it is March again at Fukushima, so maybe that is a good idea.
I am certainly curious to see if Tepco has kept the cumulative totals of the 'contamination'-----someone there must still have a laptop.
It seems the fish are mutating---learning to live with a wee bit of radiation---
It has been a year now and we still have nothing in the news
It almost makes 9/11 seem no more than a misdemeanor
and-----How much does a hundred billion euros in digital form weigh, anyway om
"It has been a year now and we still have nothing in the news"
A big chunk of the reason it is not in the news is because of the severity of what continues to unfold.
For instance, a recent study of Japanese Fisheries data shows ~70% of the fish exported from Japan to N, America is contaminated with cesium and a host of other radionuclide. That is THEIR reporting. The FDA says they find nothing. Who you gonna believe?
Papers are also being published showing dangerous levels of cesium have been deposited along the west coast of the U.S.. Others have been published in peer reviewed journals which attributed thousands of infant deaths here in the U.S., POST 3/11, on Fukushima.
Pretty grim.
A good source to keep up is http://threatjournal.com
That can't be true! I heard yesterday on National Peoples Radio that the Japanese Government and Tepco did a fantastic job cleaning up and all is good! I can't be the only one who heard that report? All Bullshit Considered I think is the name of the show. Am I hearing radio shows that nobody else receives? Is it because I have an old radio?
Give the bankers credit, they have managed to kick the can longer than most have expected and will continue to do so until they are willing to give up the game.
No more cans left to kick. End of the can era.
Heard Merkel said the EU needed to be united under a constitution. Maybe she can use ours. We aren't using it any more.
"Sac is underpaid."
Only Hal 9000 knows if Greece has defaulted. Hal?
Daisy... Daaa.....uh.............zee...
Who is this chidint13? I see nothing new, informative or worthwhile
in this article. Tyler, you are going to go down on flames if you continue to allow these deadbeats to post.
Tyler did not let this deadbeat post; he selected it from the comments on another article and made it its own article, unbeknownst to me.
At least get the name right. Since I am on a Shakespeare kick this morning out here in Asia, let me add:
Good name in man or woman, dear my lord,
Is the immediate jewel of their souls.
Who steals my purse steals trash – ‘tis something, nothing,
'Twas mine, ‘tis his, and has been slave to thousands –
But he that filches from me my good name
Robs me of that which not enriches him
And makes me poor indeed. . . .
chindit13,
You are too civilized and a gentleman. Subtle. That's okay. Step aside please.
RSDallas, FUCK OFF you lame jealous cunt! You are not paying attention. Write something and submit it, bitch. Start with a critique, point for point, of why he is wrong or his logic does not work. You can't do that you say? That is too much pressure or heat? You can't handle that much scrutiny? Then shut the fuck up and get back to us when you have the competency to enter the discussion!
I am sorry to subject you to that chindit13. Forgive me. I am crass. I'm built that way. Folks like me have our uses. Love you dude.
I haven't seen Robot Trader around in awhile... New handle perhaps?
MsCreant,
Nasty! I admire that in a woman.
Enjoy your Cab in good health and happiness.
Love it!
too ladylike
Appreciated here.
hahahaha
you just got PAWNED douche
Did somebody leave the door open again? Fucking insects!
By deciding to pump yet billions more into Greece, the EU is merely continuing a strategy that could have fateful consequences.
Europe needs a radical change of course. Enough with bailouts!
It's time to reinstate national autonomy - and responsibility - for determining financial policies and honoring treaties.
States Need to Get Out of Debt Alone
In recent years, one government leader and central banker after the next has violated the EU treaties that were supposed to serve as the euro's mooring. Indeed, there have been a number of unprecedented examples, ranging from exceeding the 3 percent annual government deficit-to-GDP limit to downright disregarding Article 125 of the Lisbon Treaty, which expressly prohibits a member state from being liable for the debts of another member state.
For its part, the European Central Bank has been violating the prohibition on involving itself in a state's financial policies for almost two years -- and in a very risky manner. It buys up sovereign bonds for reasons supposedly having to do with its actual field of responsibility, namely, monetary policy. But in reality, the measures are meant as an (albeit indirect) means of state financing. What's more, in December, the ECB lent just under a half-billion euros to banks at only 1 percent interest so that they could use the funds to purchase sovereign debt themselves. The result of this aid program is that southern euro-zone countries desperately in need of funds have been able to take on even more debt at considerably lower interest rates. If fact, this week, the ECB repeated the feat with another such generous offering, which saw some 800 banks collectively borrow a reported €529.5 billion under the same generous terms.
Going back to the original state of affairs would mean two things: first, that the (stricter) deficit rules will be honored and that those who break them will incur harsh penalties. Second, that the ECB will put a stop to treaty violation by involving itself in debt-financing. And lastly, more than anything, it means politicians will return the responsibility for budget and trade-balance deficits to the governments of the individual member states. These governments need to get out of debt by themselves. And, should they need help along the way, there's plenty of experience in helping insolvent countries get out of debt, particularly in the so-called Paris Club.
Those who object to such a move, arguing that it could lead to another crash in the banking sector, (no longer) have any pull. The banking lobby has cleverly and effectively spun this argument so that financial institutes can avoid suffering losses in their bond portfolios on the taxpayer's dime. In the event that such bad loans actually do push the banks into dire straits, it's always still cheaper to have the governments of the respective countries on the hook than for them to make ludicrous contributions via a pan-European bailout fund.
All Systems Reverse!
http://www.spiegel.de/international/europe/0,1518,818807,00.html
posted by wr;)
Tyler, you need to put Project Mayhem into action.
That's not the primary core charter of this site. By beginning to understand the fraudulent workings of the present system, Project Mayhem would negate the need to be implemented. Knowledge is power.
On March 8, 2012, Operation Ghost Click was to take place. At the last moment, it was delayed until July 9, 2012. Click on link below, look for the document on right. Check those names in detail.
Order Extending DNSChanger: Case 1:11-cr-00878
https://forms.fbi.gov/check-to-see-if-your-computer-is-using-rogue-DNS
Microsoft shutting down Windows 6.x Marketplace
I have two theories:
SNIFF, SNIFF turds leading to rabbit hole.
Slewie, it's not difficullt for 'percieved' wealth to evaporate - your perception just has to change.
it's not difficult for any wealth to evaporate when it is valued at the market (marked, as LTRO sovereign-bond collateral from 800 banks seems to have been) or when it is liquidated (as we are seeing w/ the cac-bonds)
health is really more impostant, anyhow; the wealth doesn't pass away; we do
Sweetness is telling the truth here. This reality fades in and out for all of us, we get so wrapped up in the story. The question here is "What do you really have?"
Slewie, there is more than health, there is peace of mind.
As funny as I find him, he could really benefit from some meditation...even walks in a park!
There be no health without a quiet mind MsC... Got Sleep???
ECB is just going to have to lease the Antonov An-225 and load it to the hilt with €.
[€ Carpet bombing operation] shall commence, all European members will rejoice in receiving free money. LOL
'We have new controlling powers within the European Union', paperwork is still work in progress.
Angela Dorothea Merkel
The ECB and IMF are sponsored by the US FED and Timothy Geitner
Angela Merkel does not want to bail out Greece or the Euro-zone,
she opposes Euro-Bonds and the ECB and IMF bailing out sovereign States.
However the US FED makes cheap loans readily available for the ECB to use,
whether the Germans like it or not!
wr;)
According to the bankers and politicians, wasn't this supposed to be a catastrophe?
OK, time for the tinfoil hat brigade.
I have just been made privy to a dastardly plan that is to be put in action by our government this very weekend. Whilst every American is asleep (did you like my British, whilst?) late Saturday or early Sunday, they will turn the clocks ahead one hour! Think about it - if you didn't know this was going to happen, you'd be showing up an hour late to the carnage on opening bell as all of those banks with CDS exposure to GGB's start unloading their "collateral" to make payout on their obligations. It will look just like the sellout scene in Margin Call.
Now you know - don't be late Monday. Sell, and sell hard, faster than those bastards. Make them have to sell more than they have, or reach into their clients pockets (ala MF Global) to pay their obligations!
Tinfoil hats off now. You DO NOT know where you got this information. This post will self-destruct in five, four, three, two, one........
Let's get the party started. Who's next in line?
It was supposed to be a catastrophe. That was before they had time to do the math, and sucker Corzine (er I mean farmers who had private accts at MF) to take the counter bet. Then, once the fix was in with this CAC business, they figure they are safe. Then you got Jamie Dimon saying we are insulated from Greece CDS at Davos.
Sovereign debt being funded privately is the long term casualty of all this, but most of the elite are joyous they won't have to contend with real market forces on paper as they used to with the bond vigilantes. They are so powerful now, I honestly do not think they see how weakened things have/will become as a result of this.
Who in there right mind is going to hedge their risk with a CDS again? People with more money than brains.
Your pension fund manager?
Tell me there's not something smelly going on here. 7:10 pm on the west coast and no word of default (that I can find) on CBC, REUTERS, CNBC or CNN.
Are they going to try to keep this under wraps for the entire weekend?
Me thinks something stinks.
Leave it to the Iranians to shit in the punchbowl:
http://www.presstv.ir/detail/230864.html
Is this a Default, recognised in Law (If such a thing should exist),
Is this a Default that will carry any kind of lawfull recognition to the other party, is the contract real, CDS wise ?
Are ANY FUCKING CONSEQUENCES TO BE FELT BY ANY MOTHER FUCKER, ANYWHERE, EVERAGAIN, FOR ANY FUCKING REASON, FOR ANY FUCKING CRIME OR SHOULD I GO TO MY NEIGHBOURS HOUSE, SHOOT HIM , FUCK HIS WIFE,EAT HIS BABY AND STEAL HIS BIG T.V.
Law ha ha ha ha ha ah, law ha ha ha ah , Law ha ahah haha !
I want to see a traitor on a rope so I can move forward.
You're not going anywhere dressed in that monkey suit...
We are all primates, in primate suits.
Oh, fuck, i can not even find a response to the fucking imbecility that tries to pass for commentry around hear,
What is it like ? do you see elves and wizards and stuff ,
Are you Egyptian or something ? or gay ?
You are pissed. Cool.
It comes and goes and changes. I have often wondered if a content analysis of the comments here and at other economics blogs, through time, might turn up a unique stage theory of people processing this stuff. You would think that the content would dictate the kinds of comments made and where people are at with this stuff. I think it has to do with how long you have been processing the content. I still find myself stunned at the fresh new level of lies being put out there, even though I already know they are capeable of any kind of crime.
You are not a beautiful and unique snowflake. You are the same decaying organic matter as everyone else, and we are all part of the same compost pile. ~Chuck Palahniuk, Fight Club, Chapter 17
The latest from the warmongers :
http://www.haaretz.com/news/diplomacy-defense/u-s-senator-calls-for-nava...
U.S. senator calls for naval blockade of Iran
An international naval blockade of Iranian oil exports should be considered before any resort to air strikes against the country's disputed nuclear program, the chairman of the U.S. Senate Armed Services Committee said on Friday.
Levin was responding to a question about possible ways of increasing pressure short of combat, including imposition of a "no-fly zone" over Iran.
All acts of war. And the funniest part :
Asked why Israel alone should be allowed to have nuclear arms in the region, Levin cited the Holocaust, the genocide of about 6 million European Jews during World War Two by Nazi Germany, and what he called similar threats throughout history.
In addition, he said, Israel still faced a threat of being wiped out by some of its neighbors, "so it's a deterrent against that kind of a threat."
And of course, the long awaited last tour ever for the USS Enterprise aircraft carrier going off to Iran this sunday for the long awaited false-flag...
http://www.wset.com/story/17097596/navys-uss-enterprise-set-for-final-de...
Should be there within 3 weeks.
This long after WWII with all that has happened in the Middle East - the disputes, the peace processes, the threats, the unfortunate war in Iraq, the continuing problems in Afghanistan, the al-Qaeda problems, 9/11 and all the rest - and Levin has the nerve to support the Zionist viewpoint over the responsibilities he has to the country that he serves as an elected official is, in one word, disgusting.
He has overstepped his authority as an elected official. Who does he think he is, the head of AIPAC?
And if he wants to talk about the Jews throughout “their history,” he has a lot of apologizing to do. And people wonder why there are people opposed to electing Jews to office; it’s because not only are they Jews first and Americans second, but in this case, they are Israelis second and Americans third.